Driven by encouraging data from leading consumer China, benchmark stock market indices surged to record heights on the first trading day of FY25. The S&P BSE Sensex climbed by 0.49% to reach 74,014.55, while the NSE Nifty50 ended with a gain of 0.61% at 22,462.
Both indices hit new highs during the session, rising by as much as 0.91% and 0.82% respectively, marking the first time since March 11 and March 7, respectively.
Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd., noted that the market's upbeat mood followed an extended holiday session, with both indices propelled to fresh highs on the back of bargain hunting. The positive sentiment indicated that investors remained interested in equity assets despite occasional setbacks.
Small and mid-cap stocks also saw gains, rising by 3.26% and 1.74% respectively. Among the thirteen major sectors, eleven witnessed an uptick, with the heavyweight financial sector registering a notable 1% rise.
Metal stocks were among the top performers, surging by 3.7% following reports indicating a rebound in China's manufacturing activity after six months of contraction. JSW Steel and Tata Steel led the gains on the Nifty50, rising by 5.03% and 4.68% respectively, while Hindustan Copper witnessed an impressive surge of 11.44%.
Individual stocks also saw increases, with Adani Ports climbing by 2.54% to hit an all-time high on robust cargo volume data. Real estate firm Prestige Estates saw a notable increase of 7.09% after announcing a $240 million deal with the Abu Dhabi Investment Authority and Kotak AIF, making it one of the top gainers in the realty index, which itself rose by 4.36%.
However, some sectors experienced declines, with automakers Mahindra & Mahindra and Eicher Motors witnessing marginal decreases of 0.23% and 1.66% respectively, attributed to weaker-than-expected monthly sales data.
